DCA & HMFA Welcome Asbury Park to Live Where You Work Homebuyer Program

City of Asbury Park is 25th Municipality to Partner with Agencies on Program

ASBURY PARK, N.J. – Asbury Park Mayor Ed Johnson today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at City Hall, One Municipal Plaza, to announce that the City is the newest member of the Live Where You Work program. Asbury Park is the 25th municipality to partner with the HMFA on this workforce housing initiative.

“This program helps revitalize and build sustainable communities by providing affordable housing opportunities for residents and encouraging greener environments and alternative transportation options,” said Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman. “Asbury Park’s decision to join Live Where You Work demonstrates the City’s commitment to improving its residents’ quality of life. I invite more municipalities to join the program.”

The Live Where You Work program provides low-interest, fixed rate mortgage loans to first-time homebuyers purchasing homes in towns where they are employed. Homes must be located in a municipality that has become a Live Where You Work partner with the HMFA, which is an affiliate of the DCA. Additional program benefits include down payment and closing cost assistance for the purchase of a home within Smart Growth areas and flexible underwriting criteria for the loan qualification process.

“Living close to work spurs residents to get involved locally and reduces congestion on our roads. But perhaps most importantly, it saves people money,” said HMFA Executive Director Marge Della Vecchia. “The program has so much to offer participating communities, which is why we’re so excited to see it expanding.”

“The Live Where You Work program is an example of innovative, smart growth programming that promotes both economic growth and environmental responsibility on the local level,” Mayor Johnson said. “By supporting mixed-use development, the program connects people with housing and employment opportunities. Together with encouraging the use of sustainable transportation, the Live Where You Work program is helping to strengthen the Asbury Park community.”

In October, Live Where You Work received the 2009 President’s Award for Innovation from the Council of State Community Development Agencies, a national association that supports state efforts in community development, affordable housing, local economic development and state-local relations. The award recognizes innovative activities, policies or programs that have been implemented at the state level and have demonstrated success in solving community needs.

To learn about how to get a Live Where You Work mortgage, please call 1-800-NJHOUSE. For more information about how municipalities can join Live Where You Work, please call 609-278-7478. you can visit the Live Where You Work website at www.livewhereyouwork.nj.gov.